Ten-month general government deficit confirmed at 91.5% of full-year target

Telco

Hungaryʼs cashflow-based general government deficit, excluding local councils, reached HUF 816.2 billion or 91.5% of the HUF 892.4 bln full-year target at the end of October, the National Economy Ministry said today, confirming a first reading of data released on November 5.

The deficit was slightly up from HUF 809.6 bln at the end of October last year.

The central budget deficit came to HUF 893.5 bln for January-October, surpassing the annual target by 6.2%. The social insurance funds had a surplus of HUF 41.9 bln compared to its annual plan to break even. The separate state funds had a surplus of HUF 35.4 bln, against a planned full-year deficit of HUF 51 bln.

For the month of October, the central government registered a surplus of HUF 138.4 bln. The ministry attributed the surplus in part to higher tax revenues and in part to newly available funds from the European Union.

Tax revenues were up by around HUF 570 bln, and about HUF 233 bln of EU funding was transferred to Hungary in October, most of it as a result of the lifting of a suspension by Brussels in September.

The ministry noted that the deficit is front-loaded, as usual, with expenditures exceeding revenue in the first half of the year.

The ministry said that the full-year deficit target of 2.4% of GDP, calculated according to European Union rules, could realistically be met.

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